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Appeal allowed to reclassify property as capital, delete gross negligence penalties, and recognize principal residence.
The taxpayer appealed reassessments for the 2011, 2015, and 2016 taxation years concerning the disposition of four real properties.
The Tax Court found that one property was a capital property rather than an adventure in the nature of trade, though not a principal residence, and deleted the associated gross negligence penalties.
The Court also allowed additional costs of disposition for real estate commissions on two other properties and found that a fourth property was the taxpayer's principal residence in 2015 and 2016 despite the failure to file a timely designation.
The appeal was allowed and referred back to the Minister for reconsideration and reassessment.
